Wall Street indexes rose to record highs on Thursday, amidst rising sentiment in the markets that Wall Streep could soon return to its rally that dates almost a decade ago.
The Dow Jones and S&P 500 rose to record highs, helping to ease concerns regarding the US-China trade tensions.
Nine of the 11 major S & P sectors were higher, and the Dow Industrial Average, which lagged behind the Nasdaq and S & P, quickly moved to a record price range during the morning. Wall Street’s top analysts see new gains in key indexes were mainly due to lowering fears of a possible trade war between the world’s two largest economies, as well as a general optimism that surrounded the markets and investors regarding the strength of the US economy.
After new tariffs have been imposed on goods in both countries this week, China now hopes Washington will show some rationality and take steps to correct its behavior.
In terms of figures, the Dow Jones Industrial Average rose 0.88% or 234 points to 26,640 points, while the Standard & Poor’s rose 0.66%, or 19.11 points, to 2,929 points. The Nasdaq Composite Index rose 0.82%, or 64.82 points, to 8,014.
As usual, technology stocks were the top gainers for both indexes, especially chipmakers, and a 1.1 growth in Apple after reports earlier this week that some of the company’s products were excluded from the US tariff list on Chinese goods on Monday. Intel gained 1.8%, and Micron Inc 2.6%.
In a related context, Samsung said it plans to reduce the production of memory chips next year to keep limited supplies in light of the expected slowdown in demand. The move may signal weakening momentum in the sector, which is currently experiencing its first decline in years.
Under Armor shares rose 6.5% after the sportswear group said it was moving to cut 400 global workfare positions, as part of its plan to cut costs and compete with Nike and Adidas. Nike climbed 1.6% after reports showed a rise in the company’s sales.
Be the first to comment